The Treasury has confirmed that typical household bills will remain at £2,500 per year for the next three months.
The Energy Price Guarantee, which was previously expected to increase to £3,000 in April, will now stay at its current level until June. This will prevent households from feeling the full impact of Ofgem’s price cap, which will increase to £3,280 from April to June.
These measures will help consumers transition into the summer when energy bills are projected to decrease to approximately £2,100.
The Prime Minister, Rishi Sunak, stated that this move was made to alleviate people’s concerns about rising bills in April and to assist hardworking families with their cost of living, as part of their plan to halve inflation this year.
Chancellor Jeremy Hunt added that high energy bills are a significant concern for families and that this temporary change will help ease the pressure on them while also contributing to lowering inflation.
In his Budget announcement, Jeremy Hunt is set to reveal an extension of free childcare coverage to include one and two-year-olds in England.
Business leaders have expressed that the Chancellor must find ways to assist female business founders in expanding their companies, as they are frequently hindered by the burden of costly childcare.
Michelle Ovens, the founder of Small Business Britain, has called for policies around childcare and disability to be extended to alleviate barriers to entrepreneurship. Entrepreneurs, particularly female founders, struggle with excessive childcare expenses that impede their growth. Urgent action is required to address this crisis.
Additionally, disabled founders require continued access to benefits and targeted support to prevent the risk of losing all income, which could be life-threatening for some.
Transport for London’s website reports that, in addition to the drama of Budget Day, all London Underground lines are not operational today due to a strike by Aslef and the Rail, Maritime and Transport union (RMT) drivers. Consequently, the Docklands Light Railway and Elizabeth line are only partially operational due to the industrial action.
